Michael Saylor recently stated clearly at the Bitcoin MENA Conference that Strategy (MSTR) will not issue perpetual preferred shares (“digital credit”) in Japan within the next 12 months, and said that the “12-month head start” will be left to the Japanese listed company Metaplanet. This move has drawn more attention to Metaplanet’s plans in the Japanese perpetual preferred share market, which has long been inactive; currently, only five companies in Japan are qualified to trade perpetual preferred shares.
Metaplanet CEO Simon Gerovich noted that the company plans to enter this market with two new products, “Mercury” and “Mars,” becoming the sixth and seventh companies in Japan to issue perpetual preferred shares. Mercury is positioned as the Japanese version of Strategy STRK, with an annualized yield of 4.9%, denominated in yen and convertible, which is much higher than the generally less than 0.5% return of Japanese bank deposits and money market funds. Mercury is currently in the pre-IPO stage and aims to go public in early 2026. The second product, Mars, is modeled after Strategy’s short-term high-yield credit product STRC and is targeted more toward investors seeking short-term returns.
Currently, Strategy is accelerating the expansion of its perpetual preferred share system, having issued four perpetual preferred shares in the United States and launched its first overseas product, STRM (denominated in euros). However, Japanese regulations do not allow the ATM (at-the-market) model commonly used by Strategy, so Metaplanet is adopting an alternative mechanism, the “mobile subscription warrant (MSW),” to achieve a similar effect, and plans to fully implement this in its perpetual preferred share offerings.
Regarding whether more Bitcoin treasury companies should join the ranks of “digital credit” issuers in the future, Saylor believes the market should encourage a hundred flowers to bloom, and expects to see a dozen issuers in the future. Gerovich emphasizes that the key is not the number, but the quality of the balance sheet, and states that Metaplanet will focus on the Japanese market first and consider expanding to Asia as development progresses. (CoinDesk)
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Willy Woo: Energy is the only path to forging hard currency, and Bitcoin is built on that.
Gate News message, April 7, a well-known Bitcoin analyst Willy Woo recently responded to a post questioning that “Bitcoin consumes too much energy.” He said there are only three ways to ensure the safety of a currency’s ledger: relying on physical atoms (like gold), depending on energy consumption (like Bitcoin), and building on social/political consensus (like fiat currency). Willy Woo emphasized that energy is the only path to forging an absolute hard currency, and physical atoms are not scarce.
GateNews17m ago
BTC 15-minute rise of 0.45%: driven by routine trading, with moderately resonating macro hedging sentiment
From 2026-04-07 15:15 to 15:30 (UTC), Bitcoin (BTC) recorded a +0.45% return. The price moved slightly upward within the USDT range of 67,886.0 to 68,199.5, with an amplitude of 0.46%. During this period, market attention increased somewhat, but overall volatility remained within the normal range, and no unusual market fluctuations appeared.
The main driving force behind this anomaly was routine trading activity in the spot market. On-chain data shows that the number of active addresses in the 15-minute window was about 66,000, slightly higher than the previous period. In the same period, spot trading volume increased by about 0.5 from the previous period over period
GateNews28m ago
Charles Schwab Wealth Management Warning: Allocating 1%-3% of an investment portfolio to BTC/ETH can significantly alter the risk profile.
Gate News message: On April 7, the U.S. financial giant Charles Schwab released a research bulletin warning that even if only 1%-3% of funds are allocated to Bitcoin or Ethereum within an investment portfolio, it may significantly change the portfolio’s overall risk characteristics. The research report notes that Bitcoin and Ethereum have both historically experienced drawdowns of more than 70%, far higher than the volatility levels of stocks or bonds; therefore, even small allocations can have a noticeable impact during periods of market volatility. Charles Schwab proposed two cryptocurrency allocation approaches: one is the traditional portfolio theory method, which allocates based on expected returns, volatility, and correlation; the other is a risk-based method, which determines the share of crypto assets according to the level of risk one is willing to take, shifting the focus from returns to risk tolerance.
GateNews44m ago
